2007-03-13

Great Britain | Property Events

Results of Operations and financial Condition

Great Britain: On January 23, 2007, we reported results for the fourth quarter and full year 2006. Funds from operations per fully diluted share and unit was $1.01 for the fourth quarter of 2006, as compared to $1.15 for the same quarter in 2005. Funds from operations per fully diluted share and unit for the full year ended December 31, 2006 increased 13.5% to $3.12 from $2.75 for 2005. Funds from operations per fully diluted share and unit in the fourth quarter included better than expected results from core operations and higher incentive fees, partially offset by $0.05 of charges related to executive departures. Excluding the $0.05 charge, funds from operations per fully diluted share and unit for the fourth quarter of 2006 would have been $1.06. Net income available to common stockholders per fully diluted share was $0.91 for the fourth quarter of 2006, as compared to $1.56 for the same quarter in 2005. Net income available to common stockholders per fully diluted share for the full year ended December 31, 2006 was $2.30, as compared to $2.85 for 2005. The decreases for the quarter and full year were due primarily to lower levels of gains on dispositions of operating properties.